Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. CS for SB 498
       
       
       
       
       
       
                                Ì496408=Î496408                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/01/2025           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Banking and Insurance (Grall) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 75 - 109
    4  and insert:
    5  holds such an account, it must pay the highest interest rate or
    6  dividend generally available from the institution to its
    7  comparable business or consumer accounts or nonmaturing deposit
    8  accounts, provided that the trust account meets or exceeds the
    9  same minimum balance or other account requirements, but the
   10  interest rate on trust accounts may not be less than 0.25
   11  percent.
   12         (a) The financial institution must submit a rate validation
   13  sheet and affidavit to the Chief Financial Officer by the tenth
   14  day of each quarter attesting that it will pay the same interest
   15  rate or dividend on the lawyer or law firm trust accounts that
   16  it is paying on its comparable business or consumer accounts or
   17  nonmaturing deposit accounts or the minimum 0.25 percent.
   18         (b) The affidavit must attest that the rate information
   19  submitted on the rate validation sheet is true and factual.
   20         (c) The Chief Financial Officer shall verify that the rate
   21  validation sheet and affidavit have been received by the
   22  Department of Financial Services.
   23  ================= T I T L E  A M E N D M E N T ================
   24  And the title is amended as follows:
   25         Delete lines 7 - 22
   26  and insert:
   27         pay a certain interest rate or dividend; prohibiting
   28         the interest rate from being less than a specified
   29         percentage; requiring a financial institution to
   30         submit a rate validation sheet and affidavit to the
   31         Chief Financial Officer attesting it will pay a
   32         certain interest rate or dividend; requiring that the
   33         affidavit attest that certain information is true and
   34         factual; requiring the Chief Financial Officer to
   35         verify certain information; providing